KUALA LUMPUR: The police have opened a new investigation paper on the co-founder of a local airline after receiving 67 police reports about an investment scheme linked to him.

Bukit Aman commercial crime investigation department (CCID) director Datuk Seri Ramli Mohamed Yoosuf said the case, which involved losses of over RM81mil, is being investigated under Section 420 of the Penal Code for fraud.

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"The reports were lodged by individuals who invested in i-Serve, losses are estimated to be RM81,609,900.

"We urge anyone who is a victim of this investment scheme to come forward and lodge police reports," he said during a special media conference on Friday (Nov 3).

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The airline co-founder and seven other individuals, including the company lawyer and shareholders, were previously remanded to facilitate investigations under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act and were subsequently released on police bail. – Bernama